When we put a high multiple to sales, the most important thing to worry about is - what could disrupt those cash flows. A lower multiple to sales (like a 1x or 2x) justifies Yo-Yo cyclicality and 10x sales implies relatively stable gross margins, cash flow and business economics.

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Still waiting for those ~5 to go bankrupt. Future is unpredictable. We only need a few 100x over 15Y.

Tail-events generate the biggest panic and upside. If you survive the panic w/o jumping off the train, you deserve the 100x in few stocks.

Temperament + Business Analysis = ⤴️

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